This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Patriot National Bancorp Earns $546,000 In First Quarter

Capital

The capital ratios at March 31, 2012 for Patriot National Bancorp, Inc. and Patriot National Bank were:

 

Patriot National

Bancorp, Inc.

 

Patriot National

Bank

 

Well Capitalized

Requirement

 
Total Capital (to Risk Weighted Assets) 16.00% 15.52% 10.00%
Tier 1 Capital (to Risk Weighted Assets) 14.74% 14.26% 6.00%
Tier 1 Capital (to Average Assets) 8.89% 8.60% 5.00%

About the Company

Patriot National Bank is headquartered in Stamford, Connecticut and currently has 15 full service branches, 12 in Connecticut and three in New York. It also has a loan production office in Stamford, CT.

Statements in this earnings release that are not historical facts are considered to be forward-looking statements. Such statements include, but are not limited to, statements regarding management beliefs and expectations, based upon information available at the time the statements are made, regarding future plans, objectives and performance. All forward-looking statements are subject to risks and uncertainties, many of which are beyond management’s control and actual results and performance may differ significantly from those contained in forward-looking statements. Bancorp intends any forward-looking statement to be covered by the Litigation Reform Act of 1995 and is including this statement for purposes of said safe harbor provisions. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. Bancorp undertakes no obligation to update any forward-looking statements to reflect events or circumstances that occur after the date as of which such statements are made. A discussion of certain risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements is included in Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2011.

PATRIOT NATIONAL BANCORP, INC.
STATEMENTS OF OPERATIONS
(unaudited)   Three Months Ended
Dollars in thousands, except per share data Mar. 31, 2012   Dec. 31, 2011   Mar. 31, 2011
 
Interest and dividend income
Interest and fees on loans $ 6,666 $ 6,277 $ 6,957
Interest on investment securities 477 565 274
Dividends on investment securities 33 33 70
Interest on federal funds sold - - 4
Other interest income   11     16     62  
Total interest and dividend income   7,187     6,891     7,367  
 
Interest expense
Interest on deposits 1,517 1,480 1,865
Interest on Federal Home Loan Bank borrowings 357 362 419
Interest on subordinated debt 76 73 71
Interest on other borrowings   77     78     76  
Total interest expense   2,027     1,993     2,431  
 
Net interest income 5,160 4,898 4,936
 
Provision for loan losses   (845 )   (1,000 )   6,982  
 

Net interest income after provision for loan losses

6,005 5,898 (2,046 )
 
Non-interest income
Mortgage brokerage referral fees 12 30 13
Loan origination and processing fees 15 17 17
Fees and service charges 228 229 281
Gains on sale of loans 264 - -
Gain (loss) on sale of investment securities (8 ) 330 -
Earnings on cash surrender value of life insurance 143 145 168
Other income   96     86     104  
Total non-interest income   750     837     583  
 
Non-interest expense
Salaries and benefits 2,891 3,151 3,214
Occupancy and equipment expense, net 1,124 1,147 1,355
Data processing 346 307 328
Professional services and other outside services 615 843 882
Advertising and promotional expenses 18 52 158
Loan administration and processing expenses 8 97 37
Regulatory assessments 410 321 611
Insurance expense 169 183 231
Other real estate operations (150 ) (141 ) 271
Material and communications 131 157 200
Restructuring charges 368 - -
Other operating expenses   279     175     233  
Total non-interest expenses   6,209     6,292     7,520  
 
Income (loss) before income taxes 546 443 (8,983 )
 
Provision for income taxes   -     -     -  
Net income (loss) $ 546   $ 443   $ (8,983 )
 
Basic and diluted income (loss) per share $ 0.01   $ 0.01   $ (0.23 )
 
(Dollars in thousands, except per share data)   Mar. 31, 2012   Dec. 31, 2011   Mar. 31, 2011
(Unaudited)
 

Assets

Cash and due from banks $ 103,264 $ 54,716 $ 146,548
Federal funds sold - - 10,000
Short-term investments   710     709     501  
Total cash and cash equivalents 103,974 55,425 157,049
 
Securities-available for sale 58,592 66,470 38,539
Other investments 3,500 3,500 3,500
FRB & FHLB stock   6,036     6,215     6,684  
Total securities 68,128 76,185 48,723
 
Gross loans 474,726 510,612 479,078
Allowance for loan losses   (8,461 )   (9,385 )   (12,209 )
Net loans 466,265 501,227 466,869
 
Loans held for sale - 250 -
Accrued interest and dividend receivable 2,243 2,453 2,326
Premise and equipment, net 4,882 4,147 4,915
Cash surrender value of life insurance 21,127 20,985 20,517
Other real estate owned 1,462 2,763 950
Deferred tax asset, net (1) - - -
Other assets   3,047     2,381     8,365  
Total assets $ 671,128   $ 665,816   $ 709,714  
 

Liabilities and Stockholders' Equity

 
Deposits
Non interest bearing deposits $ 59,049 $ 65,613 $ 55,692
Interest bearing deposits   480,541     479,296     525,591  
539,590 544,909 581,283
 
FHLB advances and repurchase agreements 67,000 57,000 57,000
Subordinated debt 8,248 8,248 8,248
Accrued expenses and other liabilities   5,052     5,110     4,990  
Total Liabilities 619,890 615,267 651,521
 
Common stock 384 384 384
Treasury stock (160 ) (160 ) (160 )
Additional paid-in capital 105,130 105,050 105,050
Accumulated deficit (54,313 ) (54,859 ) (48,382 )
Accumulated other comprehensive income   197     134     1,301  
Total stockholders' equity   51,238     50,549     58,193  
 
Total liabilities and stockholders' equity $ 671,128   $ 665,816   $ 709,714  
 
(1) Includes the deferred tax asset and a full valuation allowance of $14.1 million, $14.4 million and $16.1 million respectively.
 

Financial Ratios and Other Data

(Dollars in thousands, except per share data)      
(Unaudited) Mar. 31, Dec. 31, Mar. 31,
2012 2011 2011
Asset Quality:
Nonaccrual loans $ 15,545 $ 20,683 $ 32,530
Other real estate owned   1,462     2,763     950  
Total nonperforming assets $ 17,007   $ 23,446   $ 33,480  
 
 
Nonaccrual loans / portfolio loans 3.27 % 4.05 % 6.79 %
Nonperforming assets / assets 2.53 % 3.52 % 6.99 %
Allowance for loan losses $ 8,461 $ 9,385 $ 12,208
Allowance for loan losses / portfolio loans 1.78 % 1.84 % 2.55 %
Allowance / nonaccrual loans 54.43 % 45.37 % 37.50 %
Gross loan charge-offs for the quarter $ 102 $ 847 $ 4,154
Gross loan recoveries for the quarter $ 24 $ 74 $ 21
Net loan charge-offs for the quarter $ 78 $ 773 $ 4,133
 
Capital Data:
Book value per share (1) $ 1.33 $ 1.32 $ 1.52
Tangible book value per share (2) $ 1.33 $ 1.32 $ 1.52
Shares outstanding 38,467,073 38,362,727 38,326,727
 
(1) Book value per share represents shareholders’ equity divided by outstanding shares.
(2) Tangible book value per share represents shareholders’ equity less intangible assets divided by outstanding shares.




4 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,880.36 -31.75 -0.19%
S&P 500 1,970.07 +0.12 0.01%
NASDAQ 4,462.9020 +20.2040 0.45%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs